Gold rates in Saudi Arabia today- 18 November 2024

The rates of per tola price 24-karat gold in Saudi Arabia on Friday (November 18) stands at 3,599 Saudi Riyal (SAR).

According to forex.pk, the 10 grams of 24-k gold is being sold for SAR 3,089 in the kingdom while the per ounce gold price stands at SAR SAR 9,609.

Note: The gold rates across the world, including Saudi Arabia, changes constantly and there will be some differences in this post as the prices were updated at 09:10 pm on November 18, 2024.

Read More: Gold rates in Saudi Arabia today- 15 November 2024

On 15 Nov, the rate of per tola price 24-karat gold in Saudi Arabia stood at 3,633 Saudi Riyal (SAR).

According to forex.pk, the 10 grams of 24-k gold was being sold for SAR 3,118 in the kingdom while the per ounce gold price was at SAR 9,698.

Similarly on 11 Nov, the rate of per tola price 24-karat gold in Saudi Arabia on Monday (November 11) dropped to 3,771 Saudi Riyal (SAR).

According to forex.pk, the 10 grams of 24-k gold was sold for SAR 3,237 in the kingdom while the per ounce gold price stood at SAR 10,067.

Gold, a timeless asset shaping economies:

Gold, a precious metal prized for centuries, continues to play a significant role in the global economy. Its value lies in its rarity, durability, and universal appeal.

Gold is often seen as a safe haven asset, preserving wealth during economic uncertainties. Central banks and investors hold gold reserves to diversify portfolios and hedge against inflation and currency fluctuations.

It’s beauty and rarity make it a precious material for jewellery and luxury goods. The demand for gold jewellery drives economic activity in mining, manufacturing, and retail sectors.

While the gold standard has been largely abandoned, gold still influences monetary policy and currency exchange rates. Central banks may use gold reserves to support their currencies and maintain economic stability.

In conclusion, gold plays a pivotal role in the economy. 

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